. . . EXHIBIT 12 JO-ANN STORES, INC. Ratio of Earnings to Fixed Charges FISCAL YEAR ENDED --------------------------------------------------------------------------- JANUARY 30, JANUARY 29, FEBRUARY 3, FEBRUARY 2, FEBRUARY 1, 1999 2000 2001 2002 2003 -------------- -------------- --------------- -------------- -------------- Earnings: Income (loss) before income taxes $ 22.0 $ 41.2 $ (11.4) $ (23.1) $ 72.5 Interest Expense 12.5 26.2 29.0 32.7 26.0 Portion of occupancy expense deemed representative of interest(1) 30.9 34.4 37.0 38.6 39.1 -------------- -------------- --------------- -------------- -------------- Total Earnings $ 65.4 $ 101.8 $ 54.6 $ 48.2 $ 137.6 ============== ============== =============== ============== ============== Fixed Charges: Interest Expense $ 12.5 $ 26.2 $ 29.0 $ 32.7 $ 26.0 Portion of occupancy expense deemed representative of interest (1) 30.9 34.4 37.0 38.6 39.1 -------------- -------------- --------------- -------------- -------------- Total Fixed Charges $ 43.4 $ 60.6 $ 66.0 $ 71.3 $ 65.1 ============== ============== =============== ============== ============== Ratio of Earnings to Fixed Charges 1.5x 1.7x 0.8x 0.7x 2.1x ============== ============== =============== ============== ============== (1) Represents 33% of fixed rental charges.